Question 1

A CPA firm is an example of a _________ company.

Accepted Answer

A) Service 
B) Retail Shop 
C) Manufacturing 
D) Product-based business 
A) Service 
B) Retail Shop 
C) Manufacturing 
D) Product-based business

Question 2

To customize your QuickBooks color scheme, choose Desktop View > _______

Accepted Answer

A) Company Preferences 
B) My Preferences 
C) Color Preferences 
D) Scheme Options 
A) Company Preferences 
B) My Preferences 
C) Color Preferences 
D) Scheme Options

Question 3

The cost of the inventory items sold is tracked in what account?

Accepted Answer

A) Items Sold 
B) Cost of Goods Sold 
C) Cost of Materials 
D) Inventory Sold 
A) Items Sold 
B) Cost of Goods Sold 
C) Cost of Materials 
D) Inventory Sold

Question 4

When using QuickBooks, your accounting system includes which of the following steps?

Accepted Answer

A) Enter vendor list 
B) Record transactions 
C) Prepare reports 
D) All of the above 
A) Enter vendor list 
B) Record transactions 
C) Prepare reports 
D) All of the above

Question 5

Briefly explain how the supplies on hand account is adjusted at the end of the period.

Accepted Answer

The supplies on hand account is an asset

Question 6

The Chart of Accounts:

Accepted Answer

A) Verifies the accounting system is in balance 
B) Helps detect errors 
C) Lists all accounts 
D) All of the above 
A) Verifies the accounting system is in balance 
B) Helps detect errors 
C) Lists all accounts 
D) All of the above

Question 7

After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.

Accepted Answer

A) Uncategorized Expenses 
B) Uncategorized Income 
C) Opening Balance Equity 
D) None of the above 
A) Uncategorized Expenses 
B) Uncategorized Income 
C) Opening Balance Equity 
D) None of the above

A CPA firm is an example of a _________ company.

To customize your QuickBooks color scheme, choose Desktop View > _______

The cost of the inventory items sold is tracked in what account?

When using QuickBooks, your accounting system includes which of the following steps?

Briefly explain how the supplies on hand account is adjusted at the end of the period.

The Chart of Accounts:

After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 10: Merchandising Corporation: Sales, Purchases and Inventory

A CPA firm is an example of a _________ company.

To customize your QuickBooks color scheme, choose Desktop View > _______

The cost of the inventory items sold is tracked in what account?

When using QuickBooks, your accounting system includes which of the following steps?

Briefly explain how the supplies on hand account is adjusted at the end of the period.

The Chart of Accounts:

After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters